Core Insights - The commercial real estate sector is facing significant challenges, with high vacancy rates in established shopping centers and a shift towards non-standard commercial formats as a potential solution [1][5][10] Group 1: Market Conditions - Major shopping districts in cities like Beijing and Shanghai are experiencing severe competition and reduced consumer traffic, leading to increased vacancy rates, such as over 30% in certain areas [1] - In Zhuhai, the commercial landscape is marked by a stark divide, with traditional shopping centers struggling while innovative projects gain traction [2][5] Group 2: Traditional vs. Innovative Models - Traditional commercial models are characterized by a focus on brand accumulation and entertainment, resulting in a lack of differentiation and consumer engagement [4][5] - In contrast, the new non-standard commercial model exemplified by Gree Group's "New Xiangzhou Gecy" project integrates diverse experiences, such as sports and ecological themes, to create a more engaging shopping environment [1][4][9] Group 3: Strategic Shifts - Gree Group's entry into non-standard commercial formats is a response to the limitations of traditional shopping centers, aiming to create spaces that resonate with daily life and consumer experiences [7][10] - The project emphasizes a collaborative relationship with merchants, moving beyond simple rental agreements to a model of shared resources and co-creation [9][10] Group 4: Future Outlook - The ongoing transformation in Zhuhai's commercial sector reflects broader trends in consumer behavior, where the demand is shifting from mere product acquisition to experiential engagement [5][10] - The success of innovative projects like "New Xiangzhou Gecy" may signal a new direction for commercial real estate, focusing on emotional connections and community integration [10]